Stocks continue to fall as market crash annoys investors

Dhaka shares fell for the fourth day on Wednesday as investors, baffled by the market’s continued downtrend, continued to sell shares.

DSEX, the key index of the Dhaka Stock Exchange, fell 0.8%, or 56.07 points, to close at 6,898.27 points on Wednesday.

The DSEX have lost 164 points in the last four sessions.

After opening flat, the key index fell to end Wednesday’s session on a negative trajectory as investors continued to sell stocks heavily amidst relentless falling stock prices, traders said.

They said investors had become nervous on the floor due to the recent downtrend.

Selling pressure from general investors in the market also left institutional investors confused about the decision to invest, they said.

After hitting an all-time high on September 9, the market became volatile for a multitude of reasons, including a row between the Bangladesh Bank and the Bangladesh Securities Commission over issues related to the stock market, continued sales by foreign investors and an abnormal surge in the stock prices of many fundamentally weak companies, market operators said.

Among the leading companies, stock prices of British American Tobacco Company, Beximco Pharmaceuticals, Square Pharmaceuticals, Orion Pharmaceuticals, Grameenphone and GPH Ispat fell on Wednesday.

EBL Securities said in its daily market commentary: “Most investors stood on the sidelines and watched the market move as they perceived the market may remain volatile in the coming sessions.”

Average stock prices for all sectors except cement fell that day.

Stock prices in food, textiles, non-bank financial institutions and banks fell 3.1%, 1.7%, 0.8% and 0.2% respectively.

DSE revenue fell to Tk 1,154.43 crore on Wednesday from Tk 1,295.11 crore in the previous session.

Wednesday’s revenue was the lowest after June 29, when it stood at Tk 1,148.08 crore.

DS30, a composition of 30 large-cap companies, lost 0.77%, or 20.13 points, to close at 2,585.8 points on Wednesday.

Of the 374 scripts traded on the DSE on Wednesday, 246 declined, 89 advanced and 40 remained unchanged.

The DSES Sharia Index also fell 0.47%, or 7.01 points, to 1,461.16 points.

The DSMEX index, an index of the SME platform, rose 1.23%, or 8.48 points, to close at 697.83 points on Wednesday.

The share price of Krishibid Feed Limited, which debuted on the DSE SME trading platform Wednesday, rose 1% to close at Tk 10.1 per share that day.

BEXIMCO topped the turn-around table with its shares valued at Tk 149.15 crore changing hands on Wednesday.

Orion Pharma, IFIC Bank, British American Tobacco, Delta Life Insurance Company, LafargeHolcim Bangladesh, Kattali Textiles, Saif Powertec, Alif Manufacturing Company and Beximco Pharmaceuticals were the other top revenue leaders for the day.


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